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Offshore Trust
Formation and Asset Protection Companies
An offshore
trust is very much like a traditional trust
in that it comprises a relationship or
arrangement among “Trustee(s),” “Settlor(s),”
and “Beneficiary(ies).” Provisions are made
in a binding, written legal document known
as the “Trust Deed.” This legal tool can
hold title to assets and property, manage
said assets in accordance with the trust
deed, in order to provide a series of
benefits and distributions to a person or
group of persons designated the
beneficiaries.
The trustee and/or the trust company charged
with the management of the trust are bound
by a fiduciary duty to uphold the agreement.
By signing the document they agree to the
rules and requirements set out by the trust
deed. A trust is unlike a corporation or
foundation. This type of trust is a written
agreement for the trustee to provide for the
beneficiaries and to protect assets from
predators.
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All practitioners in the offshore
industry must now be licensed by the Commission before engaging
in international financial services. This definition includes
the incorporation of or management of International Business
Companies and the formation and management of offshore Trusts
and provision of offshore Trustee services. The Commission is
the regulatory body for the offshore sector and has developed a
rigorous body of criteria that an applicant must satisfy before
being licensed.
All Belize Trusts are required to
be registered. The absolute confidentiality provisions are not
jeopardized since the Trust Agent has only to provide details of
the parties and main terms but not the inner workings or
consequences of the Trust. This information itself is lodged
with the International Financial Services Commission and is not
open to public inspection by anyone without the express written
permission of the Trustee.
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